"Right now both sides are furious and don't like it," Hickenlooper said Tuesday.

The prospects for a special legislative session to pass the proposed bill — thereby keeping local control initiatives backed by U.S. Rep. Jared Polis, D-Boulder, off the November ballot — hang in the balance.

A special session would cost taxpayers about $22,000 a day, according to the Legislative Council.

It would take a minimum of three days to pass a bill.

"We're trying to find a way to get to greater agreement," Hickenlooper said. "If there's not, then we're not going to call a special session because we would just have a food fight."

Right now there is still a long way to go, said veteran lobbyist Mike Beasley, who does not have a client involved in the issue.

"The governor has done what he should to avoid a costly ballot issue," Beasley said. "I just don't think he has the votes."

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Republican legislators are taking aim at Polis, a self-made millionaire who has pledged support for as many as nine ballot measures to increase the distances wells can be drilled from homes and to give local governments more control over oil and gas operations.

"I don't want the taxpayers to pay for a special session that is essentially a bailout that caters to Jared Polis," said Rep. Jerry Sonnenberg, R-Sterling, a leader on oil and gas measures in the legislature.

House Minority Leader Brian DelGrosso, R-Loveland, said Polis is "trying to buy himself a piece of legislation."

Hickenlooper said calling his proposal a bailout "implies there is a good alternative."

Four of the proposed ballot measures would increase the distance for drilling rigs from homes by distances varying from 1,500 feet to a half-mile. The state requirement is 500 feet.

An oil drilling site built between Northridge High School and a subdivision in Greeley, on Monday, April 21, 2014. (AAron Ontiveroz, The Denver Post)

There are so many little homes on little ranchettes that a 1,500-foot setback would eliminate almost 60 percent of the drilling locations, the governor said.

"The reason we're in this situation is because when you ask people if 1,500-foot setbacks make sense, they say, 'Yes,' " Hickenlooper said.

The compromise bill would permit local governments to enact health and safety standards more stringent than state rules, have local inspections of oil and gas sites, and negotiate with operators for setbacks greater than 500 feet.

The bill also would guarantee companies the right to operate, limit drilling moratoriums, and enable operators to appeal local rules in court.

For Polis to withdraw support from the ballot initiatives, the bill reportedly must pass with no changes.

Still opposition to a legislative compromise is broad and the reasons varied.

"It creates uncertainty for the industry," said Stan Dempsey, president of the Colorado Petroleum Association. "It wasn't crafted in an open and transparent way."

The oil and gas industry is sharply split on the bill.

Noble Energy Inc. and Anadarko Petroleum Corp., the state's two biggest operators, were in on negotiations and support the bill.

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